Account - Dynamic Lot Sizing - Time-Varying Demand Assignment Help

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Dynamic Lot Sizing - Time-Varying Demand Assignment

Task: Question: Q1 Given that the total demand of the whole year is 10,000 products, suppose the company is going to use the EOQ model for the accumulated demand of one year (10,000). In other words, ignore the monthly demand. Compute: • Optimal order quantity (Q*) • Total cost • Frequency of orders • Time between orders Q2 Use mixed integer linear programming to solve the problem regarding the monthly demand. Suppose that holding cost is applied to the ending inventory. • Develop the mathematical model in the Word document. • Solve the problem in Excel • Develop a plan in the Word document and explain when and how many products should be ordered in order to minimise the total cost. • Recalculate the optimal value of objective function (total cost with the new assumption that the holding cost is applied to the average inventory (not ending inventory). Q3 Use ‘Lot for Lot’ heuristic method and compute the total cost. Q4 Use ‘Part Period Balancing’ heuristic method, develop a schedule to show when and how many products should be ordered, and compute the total cost. Q5 Use ‘Silver_Meal’ heuristic method, develop a schedule to show when and how many products should be ordered, and compute the total cost. Note: Silver Meal heuristic method was coined by Gorham (1968). Q6 Over the last five questions, you applied the methods which were explained in the videos. Now, it is your turn to research! In this section, students are required to use Dynamic Programming based on the ‘Wagner-Whitin’ Algorithm to develop a schedule to show when and how many products should be ordered, and compute the total cost.

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